26 CFR 1.472-5

§ 1.472-5 Revocation of election.

United States · 26 CFR — Internal Revenue · Status: effective

Cite this

Citation: 26 CFR 1.472-5, § 1.472-5 Revocation of election, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/110227
Permanent ID: ys:prov:110227@1
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Full text

An election made to adopt and use the LIFO inventory method is irrevocable, and the method once adopted shall be used in all subsequent taxable years, unless the use of another method is required by the Commissioner, or authorized by him pursuant to a written application therefor filed as provided in paragraph (e) of § 1.446-1.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.